The only Long Beach transaction to top that one in the last two years was the $133 million sale of a 223-unit complex on East Ocean Boulevard last July.

The steady rise of apartment building sale prices in Los Angeles over the last few years drove multifamily investors south to Long Beach looking for better bargains. Now, that has pushed prices there, too. Price per unit amounts for multifamily properties have doubled in Long Beach since 2014, according to CoStar.

As an example of the rising prices, a much older garden apartment complex traded last month for $50.7 million.

IMT Residential owns at least 50 properties around the country, mostly in Sun Belt, according to Real Capital Analytics.

The firm’s last big move was in May 2017, when it sold the 52-unit IMT Granada Pointe complex to Kirkstead LLC for $19.5 million.